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PIE meaning

What does PIE mean?
PIE is shorthand for a public interest entity: an entity (typically a company with securities admitted to a regulated market, a bank or an insurer) whose audit attracts enhanced regulatory requirements. The term is defined in legislation. In the UK (England & Wales, Scotland and Northern Ireland) it derives from the Statutory Auditors and Third Country Auditors Regulations 2016 and retained Regulation (EU) 537/2014. PIEs include issuers with transferable securities admitted to a UK regulated market, credit institutions and insurance undertakings. Legislation allows additional categories to be designated. In Ireland, PIE is defined in the European Union (Statutory Audits) Regulations 2016, transposing the EU Audit Directive and Regulation; the scope is similar but refers to EU regulated markets. IAASA oversees application. PIE status is significant for audit and corporate reporting. It triggers stricter auditor independence and non-audit services prohibitions (FRC Ethical Standard in the UK; IAASA standards in Ireland), mandatory audit firm and partner rotation and tendering, auditor transparency reporting, and enhanced audit committee requirements (for listed issuers, e.g. under FCA DTR 7.1 in the UK). Usage is broadly consistent across the UK and Ireland. UK proposals to broaden the definition have been consulted on but are not in force.
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View the related News about PIE

NEWS
IP weekly briefing: UK election wash-up, AI 'Builder' trade marks, expedited patent trial vs UPC, UPC Milan life sciences division, PRS antitrust claim, DMCC Act, HCCH 2019 ratification

In this issue: General Election 2024 Trade marks/passing off Patents Copyright & associated rights General IP IP and technology LexTalk®IP: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information General Election 2024 General Election 2024—parliamentary process, wash-up and manifesto pledges This News Analysis brings together cross-practice coverage of the 2024 General Election. It features contributions from practice area specialists, Practical Guidance, news, analysis and journal pieces. For IP, the package also reviews the Digital Markets, Competition and Consumers Act 2024—parts of which commenced on 24 May 2024 during the wash-up—and sets out the main parties’ manifesto commitments. It further examines AI regulation and the potential impact of those pledges in this sphere. See News Analysis: General Election 2024—parliamentary process, wash-up and manifesto pledges... Trade marks/passing off AI Trade Mark Tussle: ‘Builder’ non-distinctive in the ‘no-code’ app building space (Engineer.ai...

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NEWS
Pensions Ombudsman: pre- and post-1988 GMP split imprecision not crucial to PIE acceptance; employer not negligent; adviser’s errors were maladministration (Mr T, CAS-35991-Q6G0)

Original news Mr T (CAS-35991-Q6G0)—6 December 2023 Summary The PO has partly upheld a complaint concerning the information supplied with a pension increase exchange offer. The employer was not liable for negligent misstatement because the material—although not fully specific and not distinguishing between increases on pre- and post-April 1988 Guaranteed Minimum Pension (GMP)—was still accurate. By contrast, the adviser on the offer committed maladministration by wrongly indicating that all of the member’s GMP would increase. The PO’s decision underlines how vital it is to issue precise, reliable information and advice for a pension increase exchange (PIE). What were the facts? Mr T was a member of the Electronic Data Systems 1994 Scheme (the Scheme). The Scheme’s employer introduced a PIE offer. Mr T was provided with information about the PIE offer...

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NEWS
IPEC (England and Wales): ‘Builder’ descriptive for no-code app-building; Engineer.ai trade marks invalid; acquired distinctiveness, evidence and family of marks clarified (Engineer.ai v Appy Pie)

Engineer.AI Global Ltd v APPY PIE Ltd and another company [2024] EWHC 1430 (IPEC) What are the practical implications of this case? This decision is highly significant for advisers guiding clients in the AI and technology space on trade mark strategy and protection. Generic sector terms (for example, ‘Builder’), even when paired with tech-related suffixes such as ‘.ai’ or ‘Pro’, or given only slight stylisation, are liable to be treated as descriptive and lacking inherent distinctiveness. Advisers should caution clients against choosing such terms as their brands. Distinctiveness is always assessed from the standpoint of the relevant public for the goods or services associated with the mark. The ruling further highlights the vital importance of the quality and consistency of evidence in trade mark matters, particularly where a claimant must establish acquired distinctiveness or reputation. Engineer.ai’s evidence was found wanting in several respects. Material filed by the claimant conflicted with its pleadings and was not backed by verifiable, contemporaneous documents (dated before the Relevant Date) to substantiate the...

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PRACTICE NOTES
UK statutory audit post‑Brexit: retained EU law, FRC powers, EEA/third‑country qualification recognition and firm ownership rules, PIE scope, group audits, audit committees and exemptions

At 11pm UK time on 31 January 2020 (exit day), the United Kingdom formally departed the European Union pursuant to a duly ratified Withdrawal Agreement concluded between the UK and the EU. The EU now treats the UK as a ‘third country’, ie a state that is neither an EU Member State nor a member of the European Free Trade Association (EFTA). Throughout the implementation period (up to 11pm UK time on 31 December 2020), the UK and the EU worked diligently to negotiate and conclude an agreement intended to govern their future relationship. A political declaration set out the framework for that future relationship, with its detailed terms settled by the parties at the same time as the Withdrawal Agreement. The EU–UK Trade and Cooperation Agreement (TCA), ie the post-Brexit trade accord between the UK and the EU, was ultimately settled only a few days before IP completion day. Following agreement of the TCA, the European Union (Future Relationship) Bill was laid before Parliament on 30 December 2020 and,...

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PRACTICE NOTES
Environmental Law Precedents: Consultants, Property, Corporate and Banking Transactions, Permitting and Planning, FOI/EIR and Disputes, Environmental Assessment, Energy and Climate, Water and Sustainability Clauses

Appointing environmental consultants Letter requesting an environmental consultant’s proposal for a phase 1 audit Licence authorising environmental investigations Environmental consultant’s collateral warranty (with optional step-in rights) Environmental consultant’s appointment Reliance agreement Property transactions Sale contract with environmental provisions Restriction on title making environmental provisions bind successors in title Sale clauses where the seller keeps liability for contamination Sold with information clauses Sold with information, with indemnity Clauses for payments towards remediation Agreement on liabilities Asbestos indemnity Asbestos indemnity for when the seller is in breach Transfer of environmental permits Leases—landlord protection clause for contamination Leases—landlord responsible for existing contamination; tenant for new and aggravated contamination Leases—tenant protection clause for existing contamination Leases—tenant environmental covenants Leases—end of term environmental report Pie crust lease of a unit on an estate Consultant documents repeated: letter for a phase 1 audit proposal; licence for investigations;...

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PRACTICE NOTES
Auditor appointment in UK private and public companies: Companies Act 2006 procedures, PIE tendering and rotation, independence, FRC developments and post-Brexit audit qualification recognition

The Companies Act 2006 (CA 2006) The Companies Act 2006 (CA 2006) addresses appointing an auditor to a private company (CA 2006, ss 485–488) as well as to a public company (CA 2006, ss 489–491). In addition, further rules concerning the appointment of an auditor may apply in certain circumstances, from time to time to a listed company, an AIM company, or a company with securities admitted to the AQSE Main Market, AQSE Growth Market or AQSE Trading (formerly NEX Exchange Main Board, NEX Exchange Growth Market and NEX Exchange Secondary Market), yet these fall outside the scope of this Practice Note. Where a fresh auditor is to be chosen in place of an outgoing auditor whose term of office has ended, or is due to end, see Practice Note: Failure to re-appoint an auditor. Regarding the terms of an auditor’s appointment and remuneration, see Practice Note: An auditor’s terms of appointment and remuneration. For a form of resolution to appoint or re-appoint an auditor and set its remuneration,...

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View the related Precedents about PIE

PRECEDENTS
Additional tenant rights clauses for commercial leases (toilets, fire escape routes, light and air, private road/footpath access, private water supply, entry to maintain conduits)

The rights described below are intended to operate alongside, or in place of, the existing provisions in Schedule 1, Part 2 of any of the following Lexis+® UK Precedents: Lease of part (office) Lease of part (retail unit in a shopping centre) Lease of high street shop unit Lease of unit on an industrial estate Lease of whole building Pie crust lease of a unit on an estate Long lease of whole of commercial premises at a premium They are also subject to the general limitations on the exercise of those rights contained in those leases. 1 Right to use toilet facilities [ the right ] to use the toilet facilities [ [ on the [ first ] [ and [ second ] ] floor [ s ] ] of OR in ] the Building [ or as designated from time to time in writing by the Landlord ] ...

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PRECEDENTS
Supplementary landlord reservations for commercial leases (access, renewal/rent review, scaffolding, fire escape, easements) for Lexis+ UK lease precedents (England and Wales)

The reservations set out below are intended to operate alongside, or in place of, any provisions already contained in Schedule 1, Part 3 of the following Lexis+® UK Precedents: Lease of part (office) Lease of part (retail unit in a shopping centre) Lease of high street shop unit Lease of unit on an industrial estate Lease of whole building Pie crust lease of a unit on an estate Long lease of whole of commercial premises at a premium They are also subject to the general restrictions on the exercise of such rights/reservations as set out in those leases. 1 Access on renewal or rent review [ the right ] to enter the Property with the Landlord’s Surveyor and/or the Independent Surveyor [ at a reasonable time and on reasonable prior notice ] to inspect and measure the Property for all purposes connected with any pending or proposed step under: 1.1 [ LTA 1954...

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